i was wondering what would happen if some of the neighbors took the storage building that was on the land and the bank has not actually foreclosed on us yet. i mean this was on the appraisal when we refinanced? do you know if anyone will be held responsible for this being gone?
2006-10-28 06:34:56 · 9 answers · asked by bbw 3 in Business & Finance ➔ Renting & Real Estate
oh and by the way i am in N.C.
2006-10-28 06:38:01 · update #1
oh and i hope we are not left responsible for monies owed because if i can't afford it while living there i sure am not gonna pay without having it.
2006-10-28 06:39:41 · update #2
You have insurance? you can not help it if the wire is faulty.
2006-10-28 11:40:34 · answer #1 · answered by Anonymous · 1⤊ 0⤋
First of all, as long as the bank has not actually foreclosed on the property, you own it and everything on and in it. You can give the storage building (and whatever else you would like) to anyone you like.
Secondley, you have 3 choices about the mortgage:
1) Pay it (obviously not an option)
2) file bankruptcy (not the preferable choice)
3) Talk to the bank about a "Short Sale"
The short sale is an agreement between the borrower and the lender in which the lender will accept a smaller amount than is due on the mortgage. This would be the better option, if the lender is willing to do that.
Since i don't know the specifics of your situation, these are just general ideas.
2006-10-28 08:13:36 · answer #2 · answered by txrealestateagent 3 · 1⤊ 0⤋
Because foreclosures are on the rise, lenders are more willing to work with people that have fallen on hard times. If you are behind in payments and cannot get all caught up, but you would be able to make the regular payments again, see if your lender will work with you. They will often add what you've missed to the balance, and let you continue making payments.
They don't want to own your house - especially if there's a chance that they won't be able to sell it for what is owed.
If they do foreclose, and cannot net what's owed, the PMI company will try to get it from you. And if the lender allows a "short sale", you will get a 1099 (it's kind of like a W-2) as the forgiven amount will count as taxable income for you.
2006-10-28 17:26:59 · answer #3 · answered by teran_realtor 7 · 0⤊ 0⤋
If someone took the storage w/o permission - it is stolen and should be reported. Also, if you have your homeowners insurance that should also cover it. If it was given away, well..that is different.
Talk to your lender and see if they will work with you. Set up a time line to put the house on the market - even with the Realty Broker of their choice-to sell the property. I know it is rough now but foreclosure is worse then anything if you may want to buy a home again in the future. One of the things lenders look at is if there was a foreclosure on property and if there was a bankruptcy, did it include property. If these two conditions don't exist then working with other adverse past conditions are easier.
Hope things get better.
2006-10-28 15:07:18 · answer #4 · answered by Margaret K 3 · 0⤊ 0⤋
I don't know the answer to your storage building question, but as far as the foreclosure:
There's investors that might be willing to buy the house from you, even if you have no equity. Unless it's negotiated, you will still have a "deficiency balance" which is the difference between what the house sells for and what you owed.
A good real estate investor can get the bank to waive this deficiency judgment so that you are not responsible for it. Also, this avoids having a foreclosure on your credit report, which is very damaging.
Depending on where you live, I might be able to recommend someone that can help you.
2006-10-28 07:52:08 · answer #5 · answered by Anonymous · 1⤊ 0⤋
A couple of great responses you got.
Your best bet is to do the following in this order:
1. Talk to the lender to restructure your loan to make it mnore affordable
2. Try and do a short sale if what the lender offers is unacceptable
3. deed in lieu of foreclosure
4. foreclosure
I deal with this issue on a daily basis. You will be held responsible for any loss the bank has incured. So if your storage building added value to the property and now it's missing, you're going to get dinged.
Regards
2006-10-28 19:27:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
In its most basic terms, you will.
Try to find a buyer NOW and try to negotiate with the bank to allow the buyers price to pay off your loans.
All during the foreclosure process, the bank fees & interest will continue to accumulate, making what you owe on your house and even higher number.
Then after foreclosure, the bank will attempt to sell it for what you owe on it, if that doesn't happen they will auction it off. No matter how litte the bank gets for your home, you will owe the balance between the amount owed to the bank and the amount it sells for.
Your best bet for your future, is to find a buyer and try to get this taken care of before they foreclose on you.
Walking away does not alleviate you of your financial obligations to the lender.
2006-10-28 06:40:47 · answer #7 · answered by Gem 7 · 2⤊ 0⤋
yes, you will be responsible for whatever the bank deems that you owe them. They will foreclose on thehouse, sell it and then if that doesnt cover what you owe them then you will still be responsible for the remainder unless you claim bankruptcy to get rid of it.
2006-10-28 06:37:57 · answer #8 · answered by cabjr1961 4 · 0⤊ 0⤋
you should try to list it with a realtor first then you may be able to walk away with a bit of $$$$
Your credit will be ruined if they forclose!
2006-10-28 06:42:46 · answer #9 · answered by Anonymous · 0⤊ 1⤋